MARKET DEVELOPMENT
Indian Soybeans Gain on Short-covering
Indian Soybeans Gain on Short-covering
13/07/2016 (Reuters) - Indian soybean futures rose on Tuesday on short-covering, while rapeseed fell on profit-booking.
* The October soybean contract on the National Commodity & Derivatives Exchange closed 0.85 percent higher at 3,796 rupees ($56.58) per 100 kg.
* Top producing Madhya Pradesh state said above-average rains have not caused extensive damage to the soybean crop.
* Soybean and other summer crops need re-planting in 18,400 hectares of flood-affected farm land but there is no major damage to soybean, Rajesh Rajora, principal secretary in the Madhya Pradesh department of agriculture told Reuters.
* Farmers had so far planted crops on 8.5 million hectares, Rajora said.
* The August rapeseed contract dropped 0.53 percent to 4,873 rupees per 100 kg.
* August soyoil futures were down 0.98 percent to 627.20 rupees per 10 kg as of 1311 GMT, tracking losses in Malaysian palm oil futures.
SUGAR
* The July sugar contract was trading 0.34 percent higher at 3,565 rupees per 100 kg.
* Traders and analysts said demand for the sweetener could rise as the festival season starts in August, pushing up prices by around 40-50 rupees.
CORN, WHEAT
* August corn futures gained 0.58 percent to end at 1,565 rupees per 100 kg, while the August wheat contract slipped 0.23 percent to 1,747 rupees per 100 kg. ($1 = 67.0938 Indian rupees)
* The October soybean contract on the National Commodity & Derivatives Exchange closed 0.85 percent higher at 3,796 rupees ($56.58) per 100 kg.
* Top producing Madhya Pradesh state said above-average rains have not caused extensive damage to the soybean crop.
* Soybean and other summer crops need re-planting in 18,400 hectares of flood-affected farm land but there is no major damage to soybean, Rajesh Rajora, principal secretary in the Madhya Pradesh department of agriculture told Reuters.
* Farmers had so far planted crops on 8.5 million hectares, Rajora said.
* The August rapeseed contract dropped 0.53 percent to 4,873 rupees per 100 kg.
* August soyoil futures were down 0.98 percent to 627.20 rupees per 10 kg as of 1311 GMT, tracking losses in Malaysian palm oil futures.
SUGAR
* The July sugar contract was trading 0.34 percent higher at 3,565 rupees per 100 kg.
* Traders and analysts said demand for the sweetener could rise as the festival season starts in August, pushing up prices by around 40-50 rupees.
CORN, WHEAT
* August corn futures gained 0.58 percent to end at 1,565 rupees per 100 kg, while the August wheat contract slipped 0.23 percent to 1,747 rupees per 100 kg. ($1 = 67.0938 Indian rupees)